Gather These Documents When Applying for a Mortgage

Applying for a mortgage can feel overwhelming, especially if you’re a first-time homebuyer, but being prepared helps ensure a much smoother and faster process. Just one missing document can add a lot of time and stress to your homebuying journey.

One of the best ways to help your mortgage agent assist you efficiently is to gather the necessary documents upfront. It’s important to understand that information required when submitting a mortgage application can vary from lender to lender. The checklist below provides a standard list of requested documents – whether you’re a first-time homebuyer or a seasoned investor – but your mortgage agent will have more detailed instructions for you pertaining to your specific lender.

1. Proof of Income

• Recent pay stubs (last 2-3)
• T4 slips from the past two years
• Most recent Notice of Assessment from Canada Revenue Agency (CRA)
• If self-employed, two years of tax returns and financial statements

2. Proof of Employment

• Letter of employment on company letterhead stating your position, tenure and salary
• Business licence (if self-employed)

3. Identification

• Government-issued photo identification (eg, driver’s licence or passport)
• Social insurance number (SIN) may be requested for credit checks

4. Credit Information

• Your mortgage agent will usually pull your credit report, but it’s always a good move to know where your credit stands so there are no surprises
• List of debts/liabilities (eg, loan, credit card and credit line)

5. Proof of Down Payment

• Bank statements showing savings for at least 90 days
• Gift letter (if receiving help from a family member)
• Sale agreement if down payment comes from selling an asset

6. Property Information (if applicable)

• MLS listing
• Purchase agreement
• Property tax and condo fee details (for existing properties)

Having these documents ready upfront can speed up the approval process and reduce the back-and-forth with your mortgage agent. Not only does this help your agent find the best product for your needs, but it also increases your chances of a smooth mortgage approval.

Have questions about required mortgage documents or your mortgage in general? Answers are a call or email away!